Interest in gold is driven not by narrative, but by experience
26. 02. 2026Bc. Miroslava Sojková, Social Media Director
In a commentary published in the Financial Times, author and chairman of Rockefeller International Ruchir Sharma writes that gold may have entered a phase in which its price is driven more by “stories” about global uncertainty than by traditional fundamentals. He compares the current situation to the gold rush of the 1970s and suggests that the market may be entering a stage where narratives – global stories about risk and uncertainty – outweigh economic models.
At IBIS InGold, however, we view recent developments in the gold price through a slightly different lens. We see a deeper shift in the thinking of those who buy gold. Gold is beginning to play a different role in portfolios.
For a growing number of clients, it is no longer just about speculating on rising prices, although that naturally remains attractive. An equally strong motivation is gold’s tangible, physical nature – the fact that it is not a paper or virtual promise, but a real asset carrying no counterparty risk. In an environment where many financial instruments rely on trust in the system, physical gold is a measure of independence.
Behind the rise in gold we see not only “stories”, but the actual experience of recent years – inflation, geopolitical tensions, monetary expansion, and rules being changed during the game. Investors respond to what they have experienced and adjust the structure of their reserves accordingly.
Gold is therefore increasingly becoming a two-part pillar of their portfolio – on the one hand offering growth potential, and on the other serving as a stabilising element and a tangible store of value.
Perhaps, then, the real driver is not the power of narrative, but the power of experience.
And this power of experience is reflected in our own data. Client profits reaching nearly EUR 400 million, together with the long-term growth in interest in physical gold, are not the result of a story, but of a systematic approach, patience, and trust in its strategic role within a portfolio.
